In today’s world, where enterprises rely on the output of their assets, proper maintenance & management of tech assets is of paramount importance. An efficient asset management system keeps the asset and equipment optimized, helps reduce costs, and speeds up maintenance tasks. Asset management tools have evolved considerably over the years. As a result, we see new trends every year. This year, the major factors shaping the asset management trends will be – the ongoing COVID-19 pandemic, government and regulatory policy, investment strategies, and rising global conflict. That said, here are the most significant asset management trends that enterprises must be aware of in 2022.
Increased focus on proactive maintenance practices
There are several occasions when businesses experience an unexpected shutdown or failure of equipment or processes. Recently we witnessed a global shut down because of the pandemic.
These outages don’t just threaten an industrial facility’s ability to properly maintain assets but also increase the chances of environmental incidents and emergency repairs. These events can be extremely costly, resulting in increased labor costs and production shortfalls.
Equipment failure can also lead to dangerous breakdowns or safety hazards, putting employees and company resources at significant risk.
In 2022, when businesses are trying to recover from the effects of the pandemic, they can’t afford to suffer such losses. Therefore, their emphasis will be on employing predictive maintenance and prescriptive analytics. With the help of these proactive maintenance tools, companies can anticipate and resolve underlying maintenance problems before they can occur and transform their unplanned downtime into planned downtime. Reducing unanticipated downtime benefits businesses financially and ensures all equipment runs at peak performance levels, drastically reducing maintenance and labor costs.
Emergence of new operating models
With ever-changing customer expectations, updated technology, and increasing competition, the world of asset management is constantly evolving. Despite new asset management models constantly disrupting and altering the asset management landscape, many businesses are still static and unresponsive when it comes to their operating models.
In 2022 and coming years, as businesses begin to transform their operating models to become more adaptive and fluid, we’ll see the following radical shifts in their operational models:
- Modernization of company-wide core capabilities.
- An increased focus on core and differentiating activities.
- Increased use of data and analytics for targeted changes.
- Adoption of new models based on the broader context and digital evolutions.
Warehouse and distribution center growth facilitated by EAM technologies
Since the start of the pandemic, the e-commerce trend has picked up pretty fast. Warehouses and distribution centers are expanding their capacities to ensure on-time delivery and fulfillment. Warehouses and storage centers are also leveraging advanced enterprise asset management technology to keep up with the increased demand. In 2022, this trend will continue, and their focus will be on investing in new assets and equipment.
Increased enforcement of standard operating procedures
Better access to maintenance resources will allow facilities managers to share standardized operational procedures and effective maintenance management practices. This will also facilitate more remarkable asset and inventory visibility, which will transform the culture of the maintenance department. As a result, managers can execute standardized proactive maintenance to achieve optimal uptime and operational performance.
In 2022 and beyond, there will be a renewed focus on enforcing SOPs or standard operating procedures, which will eliminate duplicate maintenance processes, reducing operational costs, and improving labor efficiency.
New EAM platforms for Sustainable assets
As sustainability issues continue to top the list of the most crucial problems in 2022 and coming years, we’ll see more fleet maintenance managers adding electric vehicles (EVs) to their asset portfolio. As per Electric Vehicle Report, 88% of the largest fleets are already planning to purchase electric vehicles within the following year. Transitioning to EVs would mean fleet managers will need new EAM platforms to deploy new maintenance procedures quickly. Customizable enterprise asset management solutions will be in high demand that accommodate both EVs and combustion-engine vehicles in the same system.
Unlocking the value of 5G
As 5G hits the market, it is expected to become the linchpin of a new data-driven ecosystem across various sectors. With 5G’s ability to connect everyone to everything and everywhere, industrial facilities and sectors that use enterprise asset management software are expected to derive value from this new connected ecosystem.
For example, we’ll see improved responsiveness to maintenance and asset management efficiencies. This will impact the revenue figures and become a critical driver for business growth.
Increased emphasis on digital inspections
Inspections are crucial for safety and regulatory requirements. But pen-and-paper record-keeping and inspections are outdated in today’s world. They are not just time-consuming but also lead to serious issues, such as – data inaccuracies, lost inspection reports, severe delays in corrective-action follow-up.
From 2022 onwards, we will see more companies making the switch to digital inspections.
Inspections integrated into cloud-based EAM software will have the following benefits:
- Compliance documentation is easily accessible, searchable, securely backed up, and reportable.
- EAM ensures compliant documentation and increased accountability.
- With digital inspections supported by EAM software, inspection reports can be accessed anywhere, at any time.
Massive Shift in Company Cultures
Several enterprises today suffer from internal silos, a lack of open culture, and resistance to behavioral change. Soon, we will see changes happening from the top-down as companies go through massive overhauls to create cultures that embrace ongoing change.
- They will be more result-focused.
- They will align their tools to suit the needs of more significant strategies
- Training of employees will also be essential to support that change.
EAM with mobile capabilities
An EAM software must have mobile capabilities to boost workplace productivity effectively. With mobile capabilities, teams can get more done in less time. In 2022, as teams continue their social distancing practices, EAMs with mobile capabilities will help them stay safe. With remote access, no one has to gather in the office, and it also allows technicians to report activities from anywhere. Asset managers can get access to data whenever they need it.
Final Thoughts: Is your business ready for the shift?
The enterprise asset management industry is constantly undergoing massive changes, and this will undoubtedly remain the case as we tread further into 2022. For a business to thrive in this environment, it must foster a culture that is agile and willing to embrace changes. By embracing changes and with constant adaptability, companies will be able to succeed in the years to come.